Job insurance racing self employed

[Xian_13]

I was offered a job today...
The job is a full time extension of independent contracting I already do in my spare time.
The basic brake down would pay me about 230% my current pay plus expenses (that is after all the taxes and SS stuff).

The only problems I see with this are...
There is no guarantee off work (but even in 9-5 work... nothing is a given)
Work may or may not interfere with racing, it may even help a lot.
And the biggest issue, there is NO health insurance.

Of the people out there self employed, how hard is it to get insurance that covers you, even with racing.
What is the cost of it on a monthly basis?

XIII

[ninelives59]

next to impossible!!!I work at a auto dealership three days a week to get health insurance.I own a cycle salvage buisness..I looked into isurance for me only and it was big$$$$$..

[CCSRacer114]

I was offered a job today...
The job is a full time extension of independent contracting I already do in my spare time.
The basic brake down would pay me about 230% my current pay plus expenses (that is after all the taxes and SS stuff).

The only problems I see with this are...
There is no guarantee off work (but even in 9-5 work... nothing is a given)
Work may or may not interfere with racing, it may even help a lot.
And the biggest issue, there is NO health insurance.

Of the people out there self employed, how hard is it to get insurance that covers you, even with racing.
What is the cost of it on a monthly basis?

XIII

Contact Fortis Healthcare, they offer plans for self employed (I've used them for years). www.fortis.com

Good plans WITH HSA accounts if you want them.

[cardzilla]

Maybe I'm lucky or just have stupid luck, but I have a policy from Blue Cross & Blue Shield for $105 / mo.  It's your basic 20% copay type deal with doctor's visits being $25 and ER trips $50.  The fact that I race has no bearing on the cost either... I found that very strange, but I'm not going to argue.  In the exclusions list it is not listed either, but Scuba diving is...  :-X

[Team-G]

HSA's are a good way to go for the self-employed.

[cbr806]

I used to sell insurance.  If I recall correctly, racing only came up in the Life questions (sometimes), not health.  I recall the health ws usually pretty expensive though.  The last few suggestions sound pretty good.  Just to be safe (the never give too much info rule), when ever they send me the 'What happened & where' form after a race crash, I'm vague - like 'Fell and struck my head' at 'Blackhawk Farms', no mention of raceway or race anything.  Has not been a probelm in my several crashes.  See you on the 27th.

[CCSRacer114]

HSA's are a good way to go for the self-employed.

HSA
+
Simple IRA
+
Big Tax Deductions
=

Great Retirement Savings for self employed!

(P.S.  Remember to fire yourself before you shut the company down so you can collect unemployment!  ;D )

[spyderchick]

I used to sell insurance.  If I recall correctly, racing only came up in the Life questions (sometimes), not health.  I recall the health ws usually pretty expensive though.  The last few suggestions sound pretty good.  Just to be safe (the never give too much info rule), when ever they send me the 'What happened & where' form after a race crash, I'm vague - like 'Fell and struck my head' at 'Blackhawk Farms', no mention of raceway or race anything.  Has not been a probelm in my several crashes.  See you on the 27th.

Exactly. When I crashed, I put down "I fell off my bike and hit the pavement." When they asked my "which road", I said I was not sure, I wasn't familiar with the area.

BTW, there is no specific clause which precludes us from racing on our health insurance, but be careful with supplementals, they have tons of exclusions, so read very carefully all the small print on any insurance product you purchase.

[Jeff]

I'm in the same boat...

"slipped on wet grass" when I broke my ankle in 02.  My Dr knew I raced and so she had to ask "which turn?" LOL...

[H-man]

This is a tough and complicated question.  I'm not fully self-employed nor an insurance agent, but I stayed at.... just kidding.  I work in hlth care management.  Currently with a managed care company.

First an aside, Cardzilla, your BC/BS plan is a pretty basic one.  So long as you are young, in good health and don't have young children, it shouldn't cost you much.  Your office visit co-pay is high, your outpatient and hospitalization co-pay is horrendous.  20% will end up ebing an awful lot if something truly happens.  Even somethings like a diagnostic series or rehab will run that puppy pretty high.

But, you either pay partly uup front in the way of premium or you pay at the end.  You just have to make the true insurance decision.  That is, ask yourself, "what is the likelihood of the event ocurring?"  and "can I afford to pay for/replace the event or item should a loss occur?"

Xian, joining in with a group and getting rated/underwritten as a part of them is your best bet.  Maybe your local chamber of commerce or some trade group offers group hlth insurance to their mbrs.

I'm not familiar with Fortis.  Not knowing what state you live, check out //www.omnicarehealthplan.com as another alternative.

Hey Team-G, can you really collect on unemployment if your company never paid into the unemployment insurance fund?  Or were you making a funny and I'm just a bit slow today?   The unemployment insurance fund isn't the same as paying your State taxes at the end of the year you know.  But I will be pleasantly surprised if what you write is true.

[cardzilla]

I'm in the same boat...

"slipped on wet grass" when I broke my ankle in 02.  My Dr knew I raced and so she had to ask "which turn?" LOL...

 ;D  I have to remember that one...

H-Man--> I'm planning on getting supplemental, I just have to get mentally prepared.  I still have some time before getting back on track and until October before actually racing.

[Team-G]

Hey Team-G, can you really collect on unemployment if your company never paid into the unemployment insurance fund?  Or were you making a funny and I'm just a bit slow today?   The unemployment insurance fund isn't the same as paying your State taxes at the end of the year you know.  But I will be pleasantly surprised if what you write is true.

Ahh..good question.  Of course you should (need too) pay into unemployment; self employed, majority stock holder, or other.  Otherwise, you're SOL as they say...I was referring only to HSA's as a cost effective alternative to self-employed health insurance.  

I think the good package is health, life (including ADD), short term and long term diss.  Unfortunately, you have to be nearly immortal with a low risk life style to get the whole package at a good rate.  SUTA is based on your salary (and/or shareholder draw) at least in WI.

At least that's why I pay the dude to explain it to me so I can understand it...